McLEAN, VA -- Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market SurveySM (PMMSSM) in which the 30-year fixed-rate mortgage (FRM) averaged 6.26 percent, with an average 0.6 point, for the week ending December 22, 2005, down from last week's average of 6.30 percent. Last year at this time, the 30-year FRM averaged 5.75 percent.
The average for the 15-year FRM this week is 5.79 percent, with an average 0.6 point, down from last week's average of 5.85 percent. A year ago, the 15-year FRM averaged 5.18 percent.
Five-year Treasury-indexed hybrid adjustable-rate mortgages (ARMs) averaged 5.82 percent this week, with an average 0.7 point, up from last week when it averaged 5.78 percent. There is no annual historical information for last year since Freddie Mac only began tracking this mortgage rate at the start of this year.
One-year Treasury-indexed ARMs averaged 5.22 percent this week, with an average 0.7 point, down slightly from last week when it averaged 5.15 percent. At this time last year, the one-year ARM averaged 4.17 percent.
"Long-term mortgage rates dipped this week because of recently released inflation indicators for November, while short-term rates rose, responding to the Fed's recent -- and expected future -- actions," said Frank Nothaft, Freddie Mac vice president and chief economist. "Although mortgage rates by and large are higher than they were at the start of this year, they've only risen about one percentage point since hitting a four-decade record low in June of 2003."
"Meanwhile, new home construction in November rose by 5.3 percent, the most in seven months, giving a strong signal that the housing market still has a good bit of sparkle left in it."
Published: December 23, 2005
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